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Use Solver to Find the Maximal Value for the Price

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A manufacturer is preparing to set the price on a new action game. Demand is thought to depend on the price and is represented by the model:

D = 2,000 - 3P

The accounting department estimates that the total costs can be represented by:

C = 5,000 + 4D

a. Develop a model for the total profit and implement it on a spreadsheet.

b. Develop a one-way data table to evaluate profit as a function of price (choose a price range that is reasonable and appropriate).

c. Use SOLVER to find the price that maximizes profit.

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The solution provides a detailed explanation how to use solver to find the maximal value.

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